Saudi Arabia and Kuwait signed a deal to eliminate double taxation and promote investment cooperation during the Zakat, Tax, and Customs conference in Riyadh. The agreement aims to create equitable investment opportunities and support economic growth as part of initiatives under Saudi Vision 2030.
Recently, Saudi Arabia and Kuwait formalized an agreement to prevent double taxation, aiming to fortify economic collaboration and ease the investment process between the two nations. The signing took place at the Zakat, Tax, and Customs conference in Riyadh, where the Saudi Minister of Finance, Mohammad Al Jadaan, and his Kuwaiti counterpart, Nora Al Fassam, played pivotal roles. This partnership is anticipated to promote a more favorable investment climate through tax alleviation and standardized regulations for investors.
This agreement comes against the backdrop of Saudi Arabia’s broader economic reform initiatives under Vision 2030, which seek to enhance foreign investment and diversifying the economy. The partnership reflects a strategic move to strengthen bilateral relations and improve the overall investment framework in both countries. Enhanced cooperation on tax matters is crucial for facilitating cross-border investments, which are vital for both economies’ growth and diversification efforts.
In conclusion, the recent deal between Saudi Arabia and Kuwait serves not only to avert double taxation but also to create a more conducive environment for investment. The commitment to international cooperation, especially within the realms of taxation and customs, illustrates a significant step towards achieving the economic goals outlined in the Saudi Vision 2030. Overall, such agreements are essential for promoting economic growth and partnership.
Original Source: www.zawya.com
